Updates, advisories and surprises

(4:49 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of Select Comfort Corp.
SCSS, +1.47%
plunged in the extended session Wednesday after the company slashed its outlook for the year. Shares of Select Comfort dropped 27% to $17.74 on heavy volume. The maker of Sleep Number beds cut its earnings outlook for the current year to a range of $1.14 to $1.22 a share, from a previous range of $1.30 to $1.45. Analysts surveyed by FactSet estimate $1.32 a share. The company also reported third-quarter earnings of 36 cents a share on revenue of $263.7 million, compared with a Wall Street consensus of 43 cents a share on revenue of $277.5 million.

EBay earnings rise, but outlook disappoints

(4:22 PM ET) SAN FRANCISCO (MarketWatch) -- EBay Inc.
EBAY, -0.42%
on Wednesday reported a third-quarter profit of $689 million, or 53 cents a share, on revenue of $3.9 billion. During the same period a year ago, the e-commerce giant earned $597 million, or 45 cents a share on $3.4 billion in sales. Excluding one-time items, eBay would have earned 64 cents a share. Analysts surveyed by FactSet had forecast eBay to earn 63 cents a share on revenue of $3.9 billion. For its fourth-quarter, eBay forecast earnings, excluding one-time items, of 79 cents to 81 cents a share, on revenue in a range of $4.5 billion to $4.6 billion, while analysts were looking for a profit outlook of 83 cents a share on $4.64 billion in sales. EBay shares fell more than 4% in after-hours trading.

IBM profit rises, but sales miss Street estimates

(4:19 PM ET) SAN FRANCISCO (MarketWatch) - IBM Corp.
IBM, -1.33%
on Wednesday reported a third-quarter profit of $4.04 billion, or $3.68 a share, compared with a profit of $3.8 billion, or $3.33 a share, for the year-earlier period. Revenue was $23.7 billion, down from $24.7 billion. Adjusted profit was $3.99 a share. Analysts polled by FactSet on average were expecting IBM to report a profit of $3.96 a share, on revenue of $24.79 billion. The company said it was maintaining its full year adjusted earnings out look of at least $16.90 a share. Analysts were expecting a full-year earnings of $16.87 a share.IBM shares were down more than 5% after-hours.

What to watch for in Goldman Sachs earnings

(1:37 PM ET) NEW YORK (MarketWatch) -- Goldman Sachs Group. Inc.
GS, -1.60%
will report third-quarter earnings on Thursday before the opening bell. The release is expected at 7.30 am Eastern. Analysts expect the firm to report $2.44 per share, compared with $2.85 a share reported in the third quarter in 2012, according to a survey by FactSet. Analysts expect net income of $1.26 billion compared with $1.46 billion reported in the same quarter last year. Revenue of $7.41 billion is expected, compared with $8.35 billion from the same period a year earlier. "We expect a contraction in revenues which will bring down earnings from prior quarter levels," said Marty Mosby, analyst at Guggenheim Partners, who has a neutral rating on the firm. Headwinds include a lack in broker dealer customer activities especially on the fixed income side, which have been seen across the group so far, say analysts. Key areas for revenue growth for Goldman Sachs are its investment banking, underwriting and advisory arms. Goldman Sachs shares rose more than 26% since the beginning of the year.

Financial stocks jump on Senate debt deal

(12:42 PM ET) NEW YORK (MarketWatch) -- Financial stocks jumped with the broader market on Wednesday as senators signaled they had reached a deal to raise the debt ceiling. The Financial Select Sector SPDR Fund
XLF, -0.70%
which tracks financial stocks in the S&P 500
SPX, -0.88%
was up more than 2%, the biggest gaining sector. Citigroup Inc.
C, -0.23%
rose 3.4%, a day after reporting an earnings miss, hurt by lower fixed-income revenues for the quarter. J.P. Morgan Chase & Co.
JPM, -0.62%
was up 2.75%, making it the biggest gainer in the Dow Jones Industrial Average
DJIA, -1.11%
Goldman Sachs Group Inc.
GS, -1.60%
jumped more than 2%, making it the second-biggest gainer in the Dow. Morgan Stanley
MS, -1.71%
was up nearly 2%. Bank of America Corp.
BAC, -0.84%
rose 2% after the firm reported profit was up in the third quarter from improved credit quality.

Grainger posts 36% rise in profit, cuts guidance

(8:28 AM ET) NEW YORK (MarketWatch) - W.W. Grainger Inc.
GWW, -0.71%
reported its third-quarter profit rose 36% to $210.8 million, or $2.95 a share, from $155.4 million, or $2.15 a share, a year earlier. Revenue grew 5% to $2.40 billion, from $2.28 billion a year earlier, the distributor of repair supplies and related products said Wednesday. Analysts had expected earnings of $3.06 a share on revenue of $2.42 billion, according to FactSet. The company said it now sees 2013 sales growth of 5% to 6% and earnings per share of $11.45 to $11.65 versus its prior targets of 5% to 8% for sales growth and $11.40 to $12 for earnings per share. Chief Executive Jim Ryan cited "continuing headwinds of a softer global economy" and a stronger dollar. Shares in W.W. Grainger were unchanged in premarket trading.

Bank of America earnings up, shares rise

(7:27 AM ET) NEW YORK (MarketWatch) -- Bank of America Corp.
BAC, -0.84%
said Wednesday that it made $2.5 billion in the third quarter, up significantly from $340 million a year ago. Per share, that amounted to 20 cents, up from break even a year ago. The bank benefited from better loan quality and lower expenses, though it was hurt by lower mortgage income. Revenue slipped 1.5% to $22.2 billion after excluding an accounting charge, though that beat the $22 billion expected by analysts polled by FactSet. Net charge-offs plunged 59% to $1.7 billion. Also, year-ago results were affected by a big charge the bank took to settle a shareholder lawsuit over the purchase of Merrill Lynch. Shares were up more than 1% in pre-market trading.

PepsiCo third-quarter profit edges up 1%

(7:15 AM ET) NEW YORK (MarketWatch) -- PepsiCo Inc.
PEP, -0.93%
said Wednesday its third-quarter profit edged up to $1.91 billion, or $1.23 a share, from $1.9 billion, or $1.21 a share, in the year-ago period. Adjusted earnings were $1.24. Net revenue rose 1.5% to $16.9 billion in the period. Analysts polled by FactSet had expected earnings of $1.17 a share on revenue of $17.02 billion. The company said it expects adjusted per-share earnings growth of 7% on a constant currency basis, consistent with previous estimates.

BNY Mellon income rises, exceeds forecasts

(6:57 AM ET) LONDON (MarketWatch) -- Bank of New York Mellon Corp.
BK, -0.12%
on Wednesday said third-quarter net income applicable to shareholders rose to $980 million from $725 million in the same period last year. Income applicable to common shareholders rose to $967 million, or 82 cents a share, up from $720 million, or 61 cents. Excluding benefits related to the U.S. tax court's partial reconsideration of a tax decision, earnings per share came in at 60 cents, slightly lower than the adjusted EPS of 61 cents last year. Analysts surveyed by FactSet expected earnings of 58 cents a share. Total fee and other revenue climbed to $2.96 billion from $2.88 billion in the year-ago period. Net interest revenue increased to $772 million from $749 million. Assets under management rose 13% for the quarter.

Stanley Black & Decker cuts adjusted EPS guidance

(6:25 AM ET) MADRID (MarketWatch) -- Stanley Black & Decker Inc.
SWK, -0.88%
on Wednesday cut guidance for 2013 earnings per share on an adjusted basis, in part citing a hit from the government shutdown. Stanley Black & Decker posted third-quarter earnings per share for continued operations of $1.07, versus 54 cents a year ago and revenue rose to $2.76 billion from $2.52 billion a year ago. But the company cut its 2013 adjusted EPS guidance to a range of $4.90 to $5 versus $5.40 to $5.65, blaming slower margin-rate recovery with its security unit, weaker emerging markets and "the impact of the U.S. government shutdown on organic growth."

Mattel earnings jump 16%, beat forecast

(6:19 AM ET) LONDON (MarketWatch) -- Barbie-maker Mattel Inc.
MAT, +0.88%
on Wednesday reported a 16% rise in third-quarter net income to $442.8 million, or $1.21 a share, up from $365.9 million, or $1.04 a share, in the year-ago period. Sales advanced 6% to $2.21 billion, including a negative currency-exchange rate effect of 1 percentage point. On a regional basis, gross sales in the North America region increased 3%, while those in the international region grew 9%. Analysts surveyed by FactSet expected earnings of $1.12 a share on revenue of $2.17 billion. "We are pleased with our third-quarter performance as Mattel delivered growth in every region of the world, expanded our operating margins, further strengthened our balance sheet and returned more capital to our shareholders," said Chief Executive Bryan G. Stockton in the earnings release.

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